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April 20, 2021, 11:42 p.m. EDT

Asian markets slump on worsening coronavirus outbreaks

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By Associated Press

BANGKOK — Shares skidded in Asia on Wednesday after Wall Street closed lower for a second straight day, led by drops in technology companies and banks.

Worsening coronavirus outbreaks in Asia have cast a shadow over prospects for a rebound from the pandemic. Tokyo’s Nikkei 225 fell more than 2% and other benchmarks also declined.

On Tuesday, the S&P 500 gave back 0.7%, pulling the index further below the record high it set on Friday. Small-company stocks, which have been beating the rest of the market in recent months, fell more than other sectors.

Asian governments are scrambling to secure supplies of COVID-19 vaccines after seeing infection numbers surge in recent weeks. The rising caseloads are straining medical systems from Japan to India and leading to a restoration of pandemic precautions such as travel restrictions, quarantine requirements and a dimming of nightlife.

The Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +2.32% in Tokyo gave up 2.2% while Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +1.11% declined 1.8%. In Seoul, the Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.00% lost 1.5%, while Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.45% shed 1.2% despite strong retail sales data. The Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP +1.77% inched slightly higher. Stocks fell in Singapore /zigman2/quotes/210597985/delayed SG:STI -2.18% , Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +1.00% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -0.63% .

“Global stocks are still plumbing the lows after renewed virus concerns spooked markets overnight,” Stephen Innes of Axi said in a commentary.

Worsening outbreaks in India and Thailand have also cast a pall on a recovery in travel, which in turn is clouding the outlook for oil and fuel prices, he said.

On Wednesday the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.49% closed at 4,134.94. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.06% lost 0.8% to 33,821.30. After shedding an early gain, the technology-heavy Nasdaq /zigman2/quotes/210598365/realtime COMP +2.32% slid 0.9%, to 13,786.27.

Apple /zigman2/quotes/202934861/composite AAPL +1.98% fell 1.3% as part of a broad slide in technology companies. Banks also accounted for a big share of the selling, which came as bond yields fell, reversing course after moving higher on Monday.

The yield on the 10-year Treasury fell to 1.56% from 1.60%.

In other trading, benchmark U.S. crude oil lost 51 cents to $62.16 per barrel in electronic trading on the New York Mercantile Exchange. It gave up 76 cents to $62.67 per barrel on Tuesday. Brent crude , the international standard, declined 46 cents to $66.11 per barrel.

The U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1069% declined to 107.95 Japanese yen from 108.09 yen late Tuesday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
28,084.47
+636.46 +2.32%
Volume: 0.00
May 14, 2021 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
28,027.57
+308.90 +1.11%
Volume: 1.88M
May 14, 2021 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,153.32
+31.21 +1.00%
Volume: 836,404
May 14, 2021 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,014.20
+31.50 +0.45%
Volume: 520,962
May 14, 2021 5:18p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,490.38
+60.84 +1.77%
Volume: 33.70B
May 14, 2021 3:01p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,055.02
-68.24 -2.18%
Volume: 0.00
May 14, 2021 5:20p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
15,827.09
+156.99 +1.00%
Volume: 0.00
May 14, 2021 1:33p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
5,938.35
-37.44 -0.63%
Volume: 0.00
May 11, 2021 3:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,173.85
+61.35 +1.49%
Volume: 1.91B
May 14, 2021 5:02p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,382.13
+360.68 +1.06%
Volume: 307.38M
May 14, 2021 5:02p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,429.98
+304.99 +2.32%
Volume: 3.61M
May 14, 2021 5:16p
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 127.45
+2.48 +1.98%
Volume: 81.92M
May 14, 2021 4:00p
P/E Ratio
28.60
Dividend Yield
0.69%
Market Cap
$2126.84 billion
Rev. per Employee
$1.86M
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.3480
-0.1170 -0.1069%
Volume: 0.0000
May 14, 2021 4:59p
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